The CEO of Circle, Jeremy Allaire, has denied assertions made by the banking industry that stablecoin rewards would cause banks and credit m
Totally Absurd! Circle CEO Fires Back at Bank Claims Over Stablecoins | 3verseTV
Is the Stablecoin Backlash Just Another Banking Myth? The CEO of Circle, Jeremy Allaire, has vehemently denied assertions made by the conventional banking industry that stablecoin rewards would cause banks and credit markets to become unstable, calling such accusations “totally absurd.” Allaire stated that concerns about stablecoins depleting bank savings are unfounded and unsupported by historical data while speaking at the World Economic Forum in Davos on January 22, 2026.
Allaire cited the expansion of government money market funds in the United States as an obvious analogy. These funds have grown to roughly $11 trillion in assets without collapsing bank lending or endangering financial stability, despite early warnings from banks decades ago. He maintained that rather than being seen as systemic concerns, stablecoins should be seen as complimentary financial instruments since they are taking a similar course.
